Protect Assets and Provide Financial Oversight - 7th of 10 Responsibilities of Nonprofit Boards

Fiduciary responsibility requires that the board work with the chief executive to review and approve how the organization budgets, spends, and makes money; establish and follow monetary policies; verify that the organizations financial systems and practices meet accepted standards; ensure the organization has adequate operational reserves; safeguard the organizations reputation, and ensure it is not subjected to unnecessary risk.

Category:

Nonprofits & Activism

Tags:

• BoardSource
• nonprofit
• fiduciary responsibility
• nonprofit finances
• nonprofit financials